How to Stake Synthetix Network (SNX) in Australia

Introduction

Staking Synthetix Network can be a great option for those who want to hold SNX while earning yield safely and contributing to the network. The steps may seem daunting, especially the first time you attempt them. That's why we've created this guide for you.

Step-by-Step Guide

1. 1. Obtain Synthetix Network (SNX) Tokens

   To stake Synthetix Network, you need to own it. To obtain Synthetix Network, you'll need to buy it. You can choose from these popular exchanges.

   Platform	Coin	Cost
   Nexo	Synthetix Network (SNX)	0.73
   YouHodler	Synthetix Network (SNX)	0.73
   Binance	Synthetix Network (SNX)	0.73
   BTSE	Synthetix Network (SNX)	0.73
   Coinbase	Synthetix Network (SNX)	0.73
   Kraken	Synthetix Network (SNX)	0.73

   See all 68 prices

2. 2. Choose a Synthetix Network Wallet

   Once you have SNX, you'll need to choose a Synthetix Network wallet to store your tokens. Here are some great options.

3. 3. Delegate Your SNX

   We recommend using a staking pool when staking SNX. It's simpler and quicker to get started. A staking pool is a group of validators who combine their SNX, increasing their chances of validating transactions and earning rewards. You can do this through your wallet's interface.

4. 4. Begin Validation

   You'll need to wait for your deposit to be confirmed by your wallet. Once it's confirmed, you'll automatically validate transactions on the Synthetix Network network. You'll be rewarded with SNX for these validations.

What to Be Aware Of

There are transaction and staking pool fees to consider. Additionally, there may be a waiting period before you start earning rewards. The staking pool needs to generate blocks, which can take some time.